"While we have enjoyed a winning relationship with Ryan for over a decade and he has been an important member of the Speedo team, we cannot condone behavior that is counter to the values this brand has long stood for," the swimwear company said.

"We appreciate his many achievements and hope he moves forward and learns from this experience."

Not long after that, Ralph Lauren followed suit.

"Ralph Lauren continues to proudly sponsor the U.S. Olympic and Paralympic Team and the values that its athletes embody," said the company's statement. "Ralph Lauren's endorsement agreement with Ryan Lochte was specifically in support of the Rio 2016 Olympic Games and the company will not be renewing his contract."

The clothing firm also removed a photo of Lochte from its Twitter homepage.

The 32-year-old athlete said he and three teammates had been robbed at gunpoint after partying in Rio. But Brazilian authorities, at a Thursday press conference, said there was no robbery and that the swimmers had instead vandalized a gas station bathroom, urinated on the building and were told to pay for the damages before security officers allowed them to leave.

Lochte issued a statement Friday saying he should have been "more careful and candid" in explaining what happened.

Paul added: "He hasn’t owned his own behavior 110%. He has not said clearly that he lied. He has not apologized to the gas station owner, the security guard and, in my opinion, deeply enough the people of Rio de Janeiro.